Shiba Inu may finally be on the verge of entering a real uptrend as the asset slowly regains strength around $0.0000016. Current price action even suggests the possibility of a further breakout as SHIB volume also recovers.
According to the chart, Shiba Inu has been hovering around the $0.000016 mark, with some encouraging signs of a potential recovery. SHIB appears to be stabilizing after a period of decline, as evidenced by the recent price action, which has been gradually increasing.
There is a 50 EMA trend above the price and a support level of 200 EMA. This positioning usually signals a consolidation phase during which the asset is gaining momentum for a possible breakout. Since SHIB is not in the overbought zone, there may be room for an upside move, according to the 43 Relative Strength Index.
The bottom of the chart shows a recent increase in trading volume, which supports the idea that SHIB is gaining popularity and activity, both of which could drive the stock price higher. Further insight into SHIB’s current market position is offered by the on-chain data.
There have been 57 significant transactions in the last 24 hours, with 199 transactions occurring on July 5, 2024, which was a seven-day high. Large holders are moving significantly, which could be a sign of a bullish trend. Additionally, there have been 1.65 trillion SHIB in transactions in the last 24 hours, with a seven-day high of 5.71 trillion SHIB on July 8, 2024.
This volume indicates that large participants are likely trading SHIB, which could have a positive impact on the cryptocurrency price. Out of three neutral, two bullish and one bearish indicators, the signal summary points to Mostly Bullish sentiment. Neutral net network growth indicates that interest in the asset is quite robust.
